And now a political message from Dave

Dave sent in the following opinion, in which he throws up his hands in despair at the state of politics in BC and its role in the housing bubble.

If there was ever an election to vote for None of the Above, this would be it.

I no longer believe that any of the three major parties represent the interests of the average British Columbian. Each have sold themselves out to Special Interest groups of one type or another.

I’ll first start with the BC Liberals because they are looking for a fifth term. I have been a party member, volunteer and voter for the BC Liberals each of the last four elections. I am also a small business owner and employer and I generate a healthy income. In theory, I’m the easiest vote the Liberals should ever get. But they aren’t getting my vote this time.

The reason is that they have sold themselves out to the real estate industry. We have a dozen schools in Vancouver on the verge of closure while cranes and new condos can be seen in every direction from those schools. If there was ever a posterchild of public policy failure, this is it. There is a lot of blame to go around to all levels of government, but the BC Liberals are certainly culpable. Remember, Clark ran the last campaign with the slogan of ‘Families First’. I suppose we could applaud her for having a sense of humour, but I don’t think her idea was ‘Families First to Leave’.

But, what about the foreign buyer tax you might say? Too little, too late. The BC Liberals have done almost everything to bring foreign money into our real estate market for the last decade. And now to prop up the market, they are giving out tax free loans to first time home buyers. This was done to counteract recent and much needed tightening on lending by the CMHC.

The NDP unfortunately haven’t modernized or changed since they were last in power in the 90’s and I would argue they were outdated then. The NDP still view the world from the 1960’s vantage point of class warfare and almost all their policies are informed by this. This is despite other left of centre parties in Britain and the US showing the way a left of centre party can modernize. If they win, Horgan will hand over the keys of government to their long line of special interests to play their games of social activism… at your expense.

I expect the NDP will once again be a disaster for infrastructure and major capital projects. Their lack of support for Kinder Morgan, Site C and almost every major capital investment will most certainly cause an economic downturn and loss of jobs in the first year or two of power. The NDP will go back to their old model of infrastructure development, which they view as a tool for social activism. And just like the Fast Ferries, those projects will ultimately fail at serious financial cost to the taxpayer.

The Green Party is a platform for environmental activists to virtue signal. Improvement of the environment is only a secondary consideration and their policies fall apart with only the slightest bit of scrutiny.

For example, there is no dispute that natural gas generates less carbon emissions per unit of power generated compared to other hydrocarbon sources such as coal or oil. It’s simply not possible to transition our economy away from hydrocarbons which makes natural gas a great transition fuel and helps move us towards a less carbon intensive economy. Yet the Greens oppose LNG, which is truly a green undertaking.

Site C is the greenest infrastructure project to be undertaken in BC in the last 40 years. Hydroelectric power is clean and renewable and it generates almost zero carbon emissions. The Greens would have you believe that BC doesn’t need this power, yet our grid depends on hydrocarbons including US coal burning plants. Hardly a green policy. Yes we are going to lose some farmland, but take a drive three Provinces to our right and you’ll see that we’re running out.

The construction of Site C will also cause more green power to be developed and connected to the North American electrical grid. A hydroelectric dam can immediately top up a shortfall of power during low generation time periods which is the biggest problem with green power such as solar and wind. This is a much needed element for our eventual transition to electric cars, which we’re on the verge of achieving.

Andrew Weaver knows this all too well because one thing we can’t accuse him of is being stupid. I suspect he’s a victim of Stockholm Syndrome in that if you surround yourself with crazy, eventually it rubs off.

I think it’s a sad time in BC for democracy. I don’t see anybody representing the interests they purport to and certainly none of them stand for yours.

On May 9th, my vote will be “None of the Above”. Will you join me?

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nicely written Dave, however, my vote will go to the NDP. The BC libs have had their hand at the till for a long time, it’s time to see what another party may achieve. I’m no diehard ideological voter, I vote for what I feel is best for my family and the province as a whole. Real Estate aside, your comment about the situation of schools is very disturbing. We are hollowing out families in all areas of the city. And the Liberals will never do the earthquake updates necessary for schools. Our kids and the kids of our fellow Vancoverites deserve better. Let’s see if a different party in power can bring families back into neighbourhoods and fill homes with local working families who pay local taxes. And if the NDP fail as everyone claims they will, then the… Read more »

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“Let’s see if a different party in power can bring families back into neighbourhoods”

Ain’t going to happen in Vancouver. Families are already in debt up to their eye balls after the past 10 years of a bubble. Most have bought. If prices come down families will lose jobs and be stuck where they are. On top of that Vancouver proper will never be affordable for families. Families will always get way more for their dollar outside Vancouver. Vancouver will be for the wealthy and those that can tolerate living in a strata like couples with no kids, singles and retirees.

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Btw, does anyone else get a strong vibe that KickThemOut is Space889’s Evil twin:

– same obsessive need to reply to every post as space889 – race baiting just like space889, except this time pretending to be racist against asians. – same writing style as space889, except he seems to control himself from writing “Jeez” so much. – same axe to grind as space889: a) bears have been wrong for 10 years, b) bears bitch and complain while others go out and work c) always argumentative against everything anyone says

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100% Oracle. Just look at how many times the idiot complements Oracle’s views. Not even Space would do that.

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Ouch! Someone is really butt hurt on getting called on their biggest mistake in their life, and have to resort to conspiracy theory and name calling.

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I looked into the Pirate party a few months ago – Young – Tech Savy but their platform could use some discussion and reflection – Anyway due to Election Canada regulations they are having difficulty getting enough people to make them an official party.

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sounds very cool, will check it out. may i suggest Skull and Chopsticks as an emblem, with a bottoe of craft beer and okanagan wine?

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Dave, if we are to vote for you, as the leader of the None of the Above party, we’re gonna need your full name, resume, etc….y’know to verify your cred.

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My opinion is that None of the Above should be on every ballet. If that gets more votes than anybody else, then that riding would not get a representative. I think that would be a great way to fix our system and send a message. Imagine the legislature being empty for four years.

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“Imagine the legislature being empty for four years.”

Yes it would be kind of like Yemen. That would be awesome. Trump would ban us though.

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Nobody is entitled to have a candidate of their liking running in their constituency. What they are entitled to is to run themselves if they want to.

Frankly I think the reason why many people are so down on parties is that they only think of themselves and expect some party to deliver everything they want. That’s not the way it works.

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Dave, blame lies upon people who don’t educate themselves in the street smart way. Too many SJW out there. The parties used to exists as separate entities. Not anymore. All of them have been infiltrated by corp/special interests. The naive voter allows for this. What you should do is think about yourself and your family first. The hell with others who don’t take the time to educate themselves. We do have a 3rd world system here now. Case in point. : Green Party exists to split NDP vote. They will get a lot of press. They are running their strongest candidates in places where NDP support is neck and neck with Libs. Conservatives are there to split the Lib vote. But they don’t get any MSM attention and infiltrators have screwed up that party tonsuck anpoint that they don’t have… Read more »

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good point on the Green Party. It was infiltrated by the deep state in the uSA through agent Stein. The Labour party in the UK same thing, agent Corbyn. Politics is pretty much hopeless these days… The 1% rules everything of substance, but have their own factions. Watching factions duel is the real popcorn. Francis Bacon had it figured out over 500 years ago. Get yourself educated, eh Dave, read 1. the Communist Manifesto, 2. The Protocols of Zion, and 3. Rules for Radicals,,, and maybe brush up on Hegel Diaelectic.

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A post by fomostyle in the previous thread. Great article and analysis.

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The only one they got right was foreign buyers. They didn’t even mention low down payments and easy credit, CMHC and low interest rates which would be at the top. All the other items are symptoms of a bubble not causes.

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They also forget psychology. Everybody expects prices to climb (because real estate is a great investment that always goes up!) and have a herd mentality as a result. Greed and fear are the biggest motivators.

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By the way, message for Dave. No politician is perfect. But in the next elections only crooks or morons will vote for Christy Clark. I will vote NDP.

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“But in the next elections only crooks or morons will vote for Christy Clark.”

I am not sure if you understand how elections work in Canada but FYI only people in Christy Clark’s Kelowna riding can vote for her. Just in case you are looking for her name name on your ballot.

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“they aren’t getting my vote this time. The reason is that they have sold themselves out to the real estate industry.”

Oh good, Dave finally woke up and and figured out what we’ve all known for at least a decade. Well done, Dave.

No, I’m not choosing “none of the above”.

There’s only one reason why I’m voting NDP and that’s to evict the most corrupt, smirking bunch of gangsters to ever run this province – and despite Krusty’s bleating, I did just fine in the 90’s.

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Part of me actually thinks I should vote NDP. It wouldn’t be any type of endorsement but more of a burn it all down vote.

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If Brexit or Trump taught you one thing it should be that those with the “burn it down” attitude on Election Day have massive regrets the morning after.

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The NDP is not Trump. Totally different animal. What will happen under the NDP is that the government will spend all the money we have accumulated. A significant percentage of that spending will have positive results. Good things will be done for the disadvantaged and the environment. Real estate will probably correct. And the economy will weaken but not collapse. At the end of four years, we will get a retooled Liberal government.

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I haven’t seen any indication that those who voted for Trump (a minority, remember) or Brexit regret their decision today. Two years from now, that might be different.

Anyway a vote for the BC NDP is not a “protest vote” – the party has placed 1st or 2nd in every election since it was formed. IMHO it’s the Green Party that has the “protest vote”.

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Well, just because you’ve not seen it doesn’t mean it does not exist. The term “bregret” was coined for a reason.

People often pick the opposition in protest, too. Sticking with UK politics there was a famous example in 1997.

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Yes, I too would be interested in seeing “all the available data” (as the worthless traitors like to say) to support that claim.

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Home Capital executives get OSC enforcement notices over disclosure, trading http://www.theglobeandmail.com/report-on-business/home-capital-executives-get-osc-enforcement-notices-over-disclosure-trading/article34307258/ Home Capital executives get OSC enforcement notices over disclosure, trading Tamsin McMahon The Globe and Mail Published Tuesday, Mar. 14, 2017 8:15PM EDT Last updated Tuesday, Mar. 14, 2017 10:23PM EDT “Mortgage lender Home Capital Group says several of its current and former executives have been served with enforcement notices from the Ontario Securities Commission over the company’s disclosure of its investigation into fraudulent mortgage documents. The financial services company – the largest firm in Canada that specializes in loans to homeowners who cannot qualify for a conventional bank loan – said last month that the OSC had issued it an enforcement notice. The notice stems from the way in which the company revealed to investors that it had suspended 45 mortgage brokers for submitting fake or altered income… Read more »

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“The severe shortage of homes available on resale markets in Toronto and Vancouver is more than just a point of frustration for prospective buyers — it could spell trouble for the Canadian housing market as a whole, suggests one economist.”

“David Madani, Capital Economics’ senior economist for Canada, says new listings in Toronto are now at recession-time lows and notes they are slumping in Vancouver as well.”

‘“The upshot is that the largest housing markets that have been responsible for the biggest house price gains over the past two years are now approaching a potentially dangerous tipping point,””

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“As the market expects the Federal Reserve to increase rates three times this year, the central bank could put a fourth on the books in a way that’s not so obvious”

“An additional increase — call it a stealth hike — would involve a concerted reduction in the Fed’s balance sheet. Under current policy, whenever a bond held by the Fed matures, it reinvests the proceeds it receives and rolls over the debt.

“By doing that, it keeps the central bank as a player in the bond market, which in turn creates demand and stifles supply to keep interest rates low. Reversing the reinvestment policy, then, would have the opposite effect. “

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“The Federal Reserve, which has struggled to stoke inflation since the financial crisis and up until now raised rates less frequently than it and markets expected, may be about to hit the accelerator on rate hikes.”

“And with inflation showing signs of perking up, Fed policy makers may signal there could be more than the three rate rises they have forecast for this year.”

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Dave, your two main points about why not to vote for the Green Party also apply to the NDP. The NDP oppose Site C and LNG as well. One reason the unions have abandoned them.

I agree voting NDP is the blow it up vote. Their policies along with the federal Liberals will put BC in a massive depression which will kill the economy at all levels except for HAM related business which will feast on the low CAD when it is hovering around 55 cents.

At this point it looks like another BC Liberal majority. The NDP just does not have a good platform. Add in the left vote is being split with the Green Party while the BC Liberals have no other party on the right to compete with. This may be the biggest landslide in decades.

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The economy and employment situation are good and Clark campaigns well. Horgan doesn’t come across well and I don’t think people will like what they see when they start paying attention. It would have taken a charismatic type to beat Clark.

The Conservatives look useless this time around and nowhere near to four years ago. The Greens will fall apart and revert to the mean when left of centre voters are given a choice of maybe winning or not at all.

I think the Libs need to worry about the Lower Mainland vote and they could be at risk in some ridings around Burnaby and Coquitlam. Probably not enough to lose though.

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The Greens have never been stronger and the BC Conservative never weaker. This massively favours the BC Liberals. Whenever a vote is split on one side the other side wins.

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His parents are funnelling in money. I never doubted his true motives here.

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“The NDP oppose Site C and LNG as well.”

The BC NDP does not oppose LNG, rather they oppose projects that depend on tax giveaways, disregard for the environment, use of foreign workers and disregard of First Nations interests. Here is an example of an LNG project the NDP supports:

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“Top Signs of A Housing Bubble.”, City TV, Breakfast Television Vancouver video

“Rumours of a Vancouver housing bubble have persisted for years, but what does a housing bubble actually look like? Vice President and Portfolio Manager at Canaccord Genuity Bob Thompson takes a closer look at Vancouver’s red-hot housing market.”

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Well written, and well considered.

That said, BC needs a reset and the only way it can get it this time around is with the NDP. Short term pain for long term gain. In this case, the long term gain won’t start for another four years but the current Liberal party cannot be reformed with the same people at the helm.

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The average British Columbian costs $4100 to the healthcare system.

Why not charge the $170,000 Foreign Students and TFWs that?? And a 40% facility fee surcharge. Universities can increase tuition from $31K to $37K and employers can pay for their TFWs.

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Right up your alley Patriotz – just follow the law and screw the rest right?

“We Are All Doing It”: Thousands Of Candian Bankers Admit Lying To Customers To Boost Sales

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No more visas for Philippines! Visa free travel to Canada! Let the floodgates open and open up our arms and pockets for millions of our brethren. Philippine, Mexico, India – house prices got one way to go and that’s up, right Oracle?

btw, how’s that Surrey house going? And are you getting all your cousins here before the anti-immigration wave starts? We all know you loves to abuse the system while crying about how broken it is and needs to be fixed. Apparently, you have trouble walk the talk.

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Space, do your neighbors know you’re using their computer?

Are you housesitting for someone?

Using the public computers at community college, hence the lack of weekend postings?

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I’d vote for anyone who would work to the change the law: that only Canadian citizens can purchase homes in Canada. Only Canadians. Just the same way only we, Canadian citizens, can vote in the elections.

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It’s not the same. Voting is a political right, but buying a house, like employment, is an economic right. The Constitution guarantees economic rights to permanent residents as well as citizens. Anyway no major party would support this regardless of what the Constitution says.

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It’s also tricky, from a legal point of view, to legislate so that foreigners can own some asset classes, like company stock or commercial real estate, but not another asset class (residential real estate).

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Maybe foreigners shouldn’t be allowed to own those either? What’s wrong with Canadian assets only for Canadians? Maybe we shouldn’t sell our country to the highest bidder? But looks like the average greedy bastards can’t control themselves for the greater good. Hey, $$ above all else as long as it’s permitted by law right!

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The problem with that is that you are shutting down all foreign investment. For example, there would be no more automobile manufacturing jobs, oil jobs would drop to near zero etc. What you are proposing the self-sufficiency model adopted by North Korea, and we have seen downsides to that approach, such as famine. On the other hand, the North Koreans have great national pride. Your call.

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It works for Switzerland, China, Australia, who have restrictions on foreign ownership of their RE. Czechs allow ownership if one is EU national married to a Cz citizen. Canada should have serious restrictions too. A condo in my building was sold to an oversees buyer before it was put on MLS. We are relatively small nation in terms of population, and we need to protect ourselves. We have the right not to be sold to the foreigners.

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“The decision to lift the target overnight interest rate by 25 basis points to a range of 0.75 per cent to 1.00 per cent marked one of the Fed’s most convincing steps yet in the effort to return monetary policy to a more normal footing.”

“However, the Fed’s policy-setting committee did not flag any plan to accelerate the pace of monetary tightening. Although inflation is “close” to the Fed’s 2 per cent target, it noted that goal was “symmetric,” indicating a possible willingness to allow prices to rise at a slightly faster pace.”

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“While expected, the move is unwelcome news to Canadian borrowers, who are nonetheless impacted by monetary policy in the U.S.”

“Variable-rate mortgages may be impacted by what the Bank of Canada does, but most Canadians have fixed-rate mortgages, and rates for those are based more on bond rates, which will be affected by the Fed’s move on Wednesday.”

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Interestingly, the FX market must have priced in more hawkish comments, as CAD is up nearly a cent.

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Oil had a bit of a bounce today, as did the loonie…..maybe that’s it…? US Fed rate increase should definitely put downward pressure in the Canadian dollar.

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The timing (http://tinyurl.com/zqggy9p) coincides exactly with the rate announcement. It wasn’t about oil. It was about the market having priced in three more bumps and Yellen only promising two. Buy the rumor, sell the news.

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Thank you Dave for your contribution. I made a post with a somewhat similar theme before the 2013 election here .

However in my judgment the NDP platform today with respect to housing is not the same as last time, given it recognizes that owners of expensive houses may not be paying their fair share of taxes and proposes to do something about it. Maybe it could be tougher, but it is a change.

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